The stock market opened with a cautious stance on Tuesday after investors continued to reap profits at a higher level after eight consecutive trading sessions. The stock market saw a sell-off in early trade. The BSE Sensex fell 52.78 points to 40,541 and the Nifty fell 13 points to trade at 11,917.
The 30-share BSE Sensex was trading at 40,605.97 points, with a gain of 12.17 points or 0.03 per cent after opening with a negative trend. On the other hand, the National Stock Exchange’s Nifty gained 4.40 points or 0.04 percent to 11,935.35 points in early trade.
Among Sensex companies, UltraTech Cement was the biggest gainer, rising nearly three percent. Bharti Airtel, Asian Paints, Titan, ITC, Kotak Bank and L&T were also profitable. On the other hand, ICICI Bank, IndusInd Bank, SBI, Axis Bank and Bajaj Finserv were the losers.
Yesterday, the stock markets started strongly, but could not sustain during trading. However, the Sensex finally ended with a gain of 84 points. The 30-share Sensex gained nearly 400 points in early trade. But later it continued to boom. In the end, it closed 84.31 points or 0.21 percent stronger at 40,593.80 points. Similarly, the NSE Nifty closed at 11,930.95 points, up 16.75 points, or 0.14 per cent.
According to traders, the index remained positive throughout the day. But after the press conference held to announce the incentive measures of Finance Minister Nirmala Seemaraman, the investors looked a little cautious. Arjun Yash Mahajan, head of Reliance Securities’ institutional business, said the government offered loans and cash vouchers to boost consumer demand, which is a short-term measure and lacks commitment to sustainable growth. “This may lead to some improvement in demand by the end of festivals or the financial year,” he said. However, this does not necessarily lead to a sustained revival. On the other hand, other markets in Asia globally remain solitary in Shanghai, Hong Kong and South Korea in China, while the Tokyo market in Japan closed with losses. In Europe, major markets witnessed a boom in initial trading. Meanwhile, international oil standard Brent crude was down 1.38 percent to settle at $ 42.26 a barrel.
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